Noah (NYSE:NOAH) Shares Gap Down – Here’s What Happened

Noah Holdings Ltd. (NYSE:NOAH) shares gapped down before the market opened on Tuesday . The stock had previously closed at $10.48, but opened at $10.08. Noah shares last traded at $10.04, with a volume of 2,056 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NOAH. Wall Street Zen cut shares of Noah from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Zacks Research downgraded shares of Noah from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 7th. Weiss Ratings upgraded Noah from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 29th. Finally, JPMorgan Chase & Co. cut shares of Noah from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $14.70 to $12.00 in a research report on Thursday, March 26th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Noah has a consensus rating of “Reduce” and an average price target of $11.00.

Noah Stock Performance

The stock has a market cap of $675.17 million, a P/E ratio of 9.02 and a beta of 0.80. The firm has a 50-day simple moving average of $10.48 and a two-hundred day simple moving average of $10.84.

Hedge Funds Weigh In On Noah

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FIL Ltd increased its holdings in Noah by 7.1% in the fourth quarter. FIL Ltd now owns 6,377,766 shares of the asset manager’s stock worth $64,033,000 after purchasing an additional 424,717 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Noah in the second quarter worth approximately $14,128,000. Dimensional Fund Advisors LP increased its holdings in Noah by 9.4% in the first quarter. Dimensional Fund Advisors LP now owns 468,510 shares of the asset manager’s stock worth $4,641,000 after purchasing an additional 40,332 shares in the last quarter. Nuveen LLC increased its holdings in Noah by 35.0% in the fourth quarter. Nuveen LLC now owns 454,675 shares of the asset manager’s stock worth $4,565,000 after purchasing an additional 117,971 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. increased its holdings in Noah by 7.4% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 444,967 shares of the asset manager’s stock worth $4,467,000 after purchasing an additional 30,691 shares in the last quarter. 42.67% of the stock is owned by institutional investors and hedge funds.

About Noah

Noah Holdings Limited is a China-based wealth management and asset management firm specializing in tailored advisory services for high-net-worth individuals, family offices and select institutional clients. The company offers a broad range of investment solutions that draw on its deep market research and partner network to provide access to both onshore and offshore products. Noah’s business model centers on delivering structured investment products, portfolio management services and family wealth planning solutions designed to meet the evolving needs of affluent clients in China and beyond.

Noah’s main service lines include discretionary portfolio management, fund distribution, private equity and venture capital fund platforms, and alternative investment strategies such as real estate and insurance-linked products.